ACS MOTION CONTROL, LTD. 
By
Revenues for the first quarter of 2008 were
Net loss for the first quarter of 2008 was
This press release contains forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the Company's product, successful implementation of the Company's product, competitive factors, the ability to manage the Company's growth and the ability to recruit additional personnel.
2008, Q1 Consolidated Statement of
Operations
Three months ended Year ended
March 31, December 31,
2008 2007 2007
Consolidated
U.S. Dollars in thousands
Revenues 2,200 2,421 8,868
Cost of revenues 1,197 1,156 4,261
Write off - Inventory 15 18 400
Gross profit 988 1,247 4,207
Research and development costs
Costs incurred 744 515 2,303
Less-grants received (128) (107) (438)
Net research and development costs 616 408 1,865
Selling and marketing expenses 538 424 1,659
General and administrative expenses 500 395 1,565
Total operating costs 1,654 1,227 5,089
Operating income (loss) (666) 20 (882)
Financing income, net 49 56 287
Impairment of investment in other company - - (169)
Income (loss) before taxes on income (617) 76 (764)
Income taxes 40 (8) 79
Net income (loss) (577) 68 (685)
Earnings (loss) per share in U.S. Dollars
Basic net earnings (loss) per share (0.18) 0.02 (0.21)
Weighted average number of shares used in
computation
of earnings (loss) per share
Basic - in thousands 3,281 3,268 3,277
2008, Q1 Consolidated Balance Sheet March 31, December 31,
2008 2007 2007
Consolidated
U.S. Dollars in thousands
ASSETS
Current assets
Cash and cash equivalents 2,087 2,661 3,136
Marketable debt securities 4,600 3,022 4,103
Trade receivables, net 2,002 2,021 1,966
Inventories 2,858 3,584 2,534
Other accounts receivable 698 640 422
Total current assets 12,245 11,928 12,161
Long-term assets
Deferred income taxes 142 110 123
Marketable debt securities 294 1,435 982
Investment in other company 363 845 363
Inventories 976 - 906
Pre-paid expenses and lease deposits 62 61 71
1,837 2,451 2,445
Property and equipment
Cost 4,145 3,721 3,951
Less - accumulated depreciation (3,478) (3,238) (3,416)
667 483 535
Total Assets 14,749 14,862 15,141
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade payables 1,782 754 1,569
Other accounts payable and accruals 1,015 920 1,104
Total current liabilities 2,797 1,674 2,673
Accrued severance pay, net 248 197 198
Total Liabilities 3,045 1,871 2,871
Shareholders' equity
Share capital - Ordinary Shares of NIS
0.01 par value
Authorized:- 8,000,000 shares
Issued and Outstanding - March 31,
2008, March 31, 2007 and December 31,
2007 - 3,280,751 10 10 10
Additional paid-in capital 7,387 7,344 7,376
Retained earnings 4,457 5,787 5,034
Treasury shares - at cost (1 share as
of March 31, 2008, March 31, 2007 and
December 31, 2007) (150) (150) (150)
Total Shareholders' equity 11,704 12,991 12,270
Total Liabilities and Shareholders' 14,749 14,862 15,141
equity
Net Tangible Assets 11,704 12,991 12,270
Contact:
Ze'ev Kirshenboim,
Chairman of the Board,
ACS Motion Control Ltd.
+972-4-654-6440
SOURCE ACS Motion Control
